Wednesday, 25 October 2017

MBADA DIAMONDS PROPERTY SEIZED

Mbada Diamonds (Private) Limited, the former largest diamond miner in the Chiadzwa diamond fields, has had its property and assets attached pending auction on Friday over debt.

Mbada was one of nine companies operating in the Chiadzwa fields directed to stop all mining activities and leave immediately in February last year because their licences had expired.

The Zimbabwe Consolidated Diamond Company (ZCDC) was formed the following month  after President Robert Mugabe’s government evicted all diamond mining firms.

Mbada has struggled to service its debt since, and Pungwe Mining Company - owed $18 612 510 by Mbada — has now attached the property in a bid to recover its money.

Pungwe is part of over 200 creditors that have attained writs against Mbada which has seen its equipment going for a song. 
Pungwe specialises in mining equipment and has been battling to recover its cash.

Pungwe has already auctioned off Mbada’s plane that was previously used to airlift diamonds from Chiadzwa to the sorting house at Harare airport.


The 12-seater Cessna 208 Caravan was snapped up by businessman and Bindura North Zanu PF legislator Kenneth Musanhi. He bought it for nearly $1 million.

Mbada has also lost heavy mining machinery, equipment, vehicles and furniture.

In a notice yesterday, the Sheriff of the High Court instructed that Mbada Diamonds’ mining equipment be sold by public auction in Mutare on Friday to repay the debt.

Hollands Auctioneers said among the property to be auctioned off include excavators, mobile welding machine, pipe conveyers, dump truck, general plant and spares. Daily News

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